Tourism contribution to world GDP falls by half
The contribution of this important sector was reduced to 49.1 % in 2020 compared to the figures released in 2019
The World Travel and Tourism Council (WTTC) revealed through a report the figures released of the contribution that the tourism sector offers to the world Gross Domestic Product (GDP) showing a fall of 49.1 % in 2020, the half of the figures expressed in 2019.
According to the annual report, the impact it generated on the economy caused by the health crisis was surprising, in addition to the consequent loss of 4.5 billion dollars for this important sector.
“The huge losses show the first complete picture of a sector that is struggling to survive in the face of travel restrictions and quarantines, which continue to threaten the recovery of the world economy,” according to the report.
The Council pointed out that the loss in human capital was also significant, affecting 62 million jobs in the sector, representing a drop of 18.5 %, and only 272 million people were left with employment.
As specified in the statement, “these job losses have been seen in the entire ecosystem of the sector, especially in small and medium-sized companies, which represent 80 % of all companies in the activity. Furthermore, as one of the most diverse sectors in the world, the impact on women, youth and minorities was significant.”
K. Villarroel
Source: traveltradecaribbean
